Offer Price:

$1,833,000

Proforma Cap Rate:

5.02%

Price/SF:

$337.88

Price/Unit:

$261,857

Gross Building Area:

5,425 SF

Lot Size:

9,748 SF

Status:

Closed

Submarket:

Central

Property Type:

Apartments

Strategy:

Core

The Bove Group is thrilled to offer an exceptional investment opportunity to purchase a 7-unit apartment building in the highly sought-after Imperial Beach, California. This property boasts enormous potential for investors seeking to capitalize on the thriving rental market in the area.

Comprised of six (6) spacious two-bedroom, one-bathroom units and one (1) one-bed-room, one-bathroom unit, the property also features an unpermitted studio, which provides an additional income opportunity for savvy investors. With some TLC, this property offers an excellent opportunity for value-add investors to increase cash flow and value.

In addition, there is the possibility of adding more value to the property by converting garages into an ADU, which would allow for extra rental income from the same land, increasing cash flow. Moreover, converting the garage into an ADU could qualify investors for certain tax benefits, such as a reduction in property taxes or an increase in depreciation deductions, which could significantly reduce overall expenses while increasing cash flow.

Located in an unbeatable location with easy access to local shops, restaurants, and entertainment, this charming beach community offers a thriving rental market, making it an outstanding investment opportunity.

Other features of this property include ample on-site parking, a communal laundry area, and low-maintenance landscaping. With the potential to increase rental income through renovations and the addition of the unpermitted studio, this property presents a compelling opportunity for investors looking to add to their portfolio in Imperial Beach.

Don’t miss this chance to own a value-add 7-unit apartment building in one of Southern California’s most desirable beach communities.

Listed By:

Aaron Bove
Senior Managing Director, Investments
aaron.bove@marcusmillichap.com
(858) 373-3237